OECD revises up Japan's 2018 growth forecast to 1.2 percent

Organisation for Economic Cooperation and Development forecast growth of 3.7 per cent next year

The OECD attributed the upgrade to stronger growth in key European countries. Monetary policy should remain accommodative in some economies but with an eye on financial stability so as to remain supportive of further rebalancing towards fiscal and structural initiatives.

The projections reflect modest improvements in the global economy since the previous Economic Outlook in June 2017.

It also says interest rate support remains necessary to ensure the recovery is sustained. "A further slowing is expected in 2018, while uncertainty remains over the outcome of negotiations around Brexit", it stated.

It kept its growth forecast for the United States this year unchanged at 2.1 percent, as it did for next year at 2.4 percent.

Globally, the pace of expansion is expected to pick up this year compared to 2016, with a further uptick projected in 2018. The upswing is also driven by stronger consumption growth and investment, as well as healthy export growth.

While presenting these latest forecasts, OECD chief economist Catherine L. Mann said the world economy is in a positive place right now.

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'(Treasurer) Scott Morrison is really running out of excuses now for growth with a one in front of it, underemployment at record highs, wages growth at record lows, living standards declining in the last national accounts figures, ' Mr Chalmers told Sky News.

Brazil had its forecast for this year slashed by 0.1 point to 0.6%, while the prediction for next year was left unchanged at 1.6%.

Japan's growth forecasts were raised by 0.2 points each to 1.6% and 1.2%, respectively. The investment bank said China's growth remains "on track" although it may soften from 6.9 percent in the second quarter to 6.7-6.8 percent in the third quarter.

The downward revision was due to the transitory effects of demonetization and of the implementation of the Goods and Services Tax (GST), the group said.

In its latest interim economic outlook, released in Paris on Wednesday, the OECD warns the long period of low interest rates has boosted asset price valuations and created financial distortions that will be "testing to resolve".

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